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Prices & Quotes - UK Markets - International Consolidated Airlines Group SA (CDI) (IAG)

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Share Price:
Down 100.45p
Change Today:
-6.40p
Market Cap:
4,993.85m
Sector:
Travel & Leisure

Wizz Air wants to expand Gatwick base with more slots

By Sean Farrell

Date: Tuesday 25 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Wizz Air wants to expand its new base at Gatwick airport to 20 planes from a starting point of one within a year if it can obtain enough takeoff and landing slots, the company's boss said.


Jozsef Varadi, Wizz's chief executive, told Bloomberg he could expand the Gatwick operation quickly to employ 800 people and support another 4,000 jobs. He said his ambitions were being frustrated by the suspension of rules that force airlines to relinquish underused slots.

"If airlines are unable to operate slots they should be returned to a pool so that carriers can access them, bring in revenue and contribute to the local economy," Varadi said.

The rule has been waived during the Covid-19 crisis but Wizz is lobbying authorities in the UK and the EU to drop it as flying returns, Varadi said. The European commission introduced the waiver to protect the industry and take pressure off carriers to fly empty planes to keep their slots.

The commission is considering an extension past the 24 October deadline but Varadi said that would distort the market. He said the waiver affected Gatwick particularly because IAG's British Airways, Virgin Atlantic and Norwegian Air had suspended operations and easyJet had restarted services more slowly than Wizz.

"We think it should firmly end at the end of October and the market should decide who gets those slots," he told Bloomberg. The Budapest-based airline is seeking to use its low cost base to nab market share while rivals cut their fleets.

The company's shares rose 3% to 37.68 at 12:03 BST.



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IAG Market Data

Currency UK Pounds
Price 100.45p
Change Today -6.40p
52 Week High 444.41p
52 Week Low 91.00p
Volume 49,586,040
Shares Issued 4,971.48m
Market Cap 4,993.85m

Performance Indicators

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What The Brokers Say

Strong Buy 14
Buy 2
Neutral 9
Sell 1
Strong Sell 0
Total 26
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IAG Dividends

  Latest Previous
  Interim Final
Ex-Div 28-Nov-19 04-Jul-19
Paid 02-Dec-19 08-Jul-19
Amount 14.50¢ 16.50¢

Trades for 21-Oct-2020

Time Volume / Share Price
17:07 59,720 @ 103.85p
17:06 32,591 @ 103.85p
16:35 4,484,152 @ 100.45p
16:30 433 @ 100.67p
16:29 10,733 @ 100.58p

IAG Key Personnel

Chair Antonio Vzquez Romero
CEO Luis Gallego
CFO Stephen Gunning